When the time comes to consider assisted living for a loved one, families often find themselves with a list of questions and concerns. It’s a big transition, and understanding the financial implications is crucial. Here’s where an elder lawyer can offer clarity and guidance to help you make informed decisions.
Will Assisted Living Force the Sale of Assets?
One common worry is whether moving into an assisted living facility necessitates the sale of personal assets. The truth is, it depends on individual circumstances and the policies of the facility. An elder lawyer can review contracts and advise on asset protection strategies that align with your loved one’s needs and preferences.
Could an Assisted Living Facility Place Liens?
Concerns about liens are understandable. Generally, assisted living facilities don’t place liens on properties like nursing homes might under Medicaid estate recovery rules. However, it’s important to understand the specific agreements of the facility in question. An elder lawyer can help dissect these agreements and protect your loved one’s assets from potential complications.
What Happens When Money Runs Out?
The question of what happens if your loved one’s funds are depleted is a pressing one. Assisted living facilities typically require private pay, and if the money runs out, you may need to explore alternative payment options or facilities. Your elder lawyer can help you understand the financial planning required to prepare for such situations and can guide you through the options available, including potential benefits or programs for which your loved one may be eligible.
Addressing the Medicare Misconception
Many families assume that Medicare will cover the cost of assisted living, but this is a common misconception. Medicare may cover short-term stays in a skilled nursing facility, typically up to 100 days, and only under specific conditions where recovery is anticipated. For long-term assisted living care, Medicare is not a viable payment option. Your elder lawyer can explain the differences in coverage and help you plan accordingly.
The Role of an Elder Lawyer
An elder lawyer’s role is to help families navigate the maze of legal and financial planning when it comes to elder care options. From safeguarding assets to understanding the intricate landscape of elder care funding, a lawyer can provide the knowledge and resources needed to make this transition as smooth as possible.
If your family is facing these decisions, our elder lawyers are here to guide you through this next stage. Contact us today for a comprehensive consultation and be sure to mention this article for a focused discussion on your specific needs.
This article is a service of Miller & Miller Law Group. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.
“Millions of families are facing such daunting life choices — and potential financial ruin — as the escalating costs of in-home care, assisted-living facilities, and nursing homes devour the savings and incomes of older Americans and their relatives.” https://www.nytimes.com/2023/11/14/health/long-term-care-facilities-costs.html
The price of love: Three important money tips for caregivers. https://www.reuters.com/business/finance/price-love-three-important-money-tips-caregivers-2023-11-21/
This is a really interesting look at what long-term care looks like around the world. https://kffhealthnews.org/news/article/dying-broke-long-term-care-other-countries/